- On May 6, 2016
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The marijuana industry is a booming new industry in the United States. 23 states have passed laws that allow the medical use of marijuana while Colorado and three other states have passed laws legalizing the medical and recreational use of marijuana. Users and critics alike have made predictions about how this would affect the state of Colorado. Since the first year of recreational marijuana dispensary sales, the results have been better than some expected, benefitting the economy and the job market.
Sales and Tax Revenue
Reported in 2014, the marijuana industry’s first year of recreational sales in Colorado show that almost $700 million was made from retail shops. Medical marijuana sales brought in $386 million while the recreational sales brought in $313 million. These numbers are huge when it comes to creating a new revenue asset in the state. From the sales at retail stores, the marijuana industry created $63 million in tax revenue and $13 million was collected for licenses and fees.
These numbers, while large and exciting, are just the tip of the iceberg. These numbers strictly recorded the amount made from marijuana sales. This does not include all the money made from products related to marijuana like pipes and bongs. It also excludes the money made from tourists. The booming marijuana industry has brought a lot of people to Colorado, specifically the Denver area, to visit and enjoy the legalization of weed.
Apart from all the money made from the marijuana industry, the job market has also been positively influenced. Studies show that 10,000 jobs were created in Colorado due to all Colorado dispensaries cropping up, and the unemployment rate dropped to 4.2%, which is the lowest it’s been since 2008.
It has also been reported that the marijuana industry offers competitive wages for its employees, with about half of the open positions having salaries ranging from $30,000- $50,000 a year. Even the retail workers are offered a living wage of $10-12 per hour.
The legal marijuana industry in Colorado also has had some positive effects on living conditions. For instance, the rate of fatal car accidents dropped below the past decade’s average, possibly owing to the fact that people drive less dangerously when they are high as opposed to being drunk.
Additionally, more people are choosing to buy a house or upgrade their living conditions. Because you are legally allowed to grow marijuana in your own home, many people who wish to partake in the industry by starting their own business are beginning to look for better housing. This, in turn, creates a profit for the real estate industry.
Do Your Part by Visiting One of Our Denver Marijuana Dispensaries
Because Colorado sees many benefits of legalized marijuana, other states are thinking about following suit. Vermont’s legislature, for example, is in discussions about possibly legalizing the recreational use of marijuana in their state.
LiveGreen has been a part of the booming marijuana industry since 2009. We are here to help you find the right product and to start living a happier, more relaxed life. Visit us at one of our locations or call us at (303) 862-5016 to get started today.